Dell Inspiron 1545 and Blu-Ray?

I've been the proud owner of a rather nice Dell 1545 with an internal CD/DVD Writer for about six months, but I'm finallysuccumbing to the call of Blu-Ray.

So, One - is it possible to replace the internal CD/DVD drive with a blu ray drive (either BD-R or for preference BD-RE) and Two, if I were to play movies on it, would the laptop's processor have the grunt to handle it? I opted for the Pentium processor (forget which model) which is a 64-bit dual core, so I'm hoping "Yes."